Supermarket giant Tesco has suspended a fifth senior executive as part of its internal investigation into a recent £250 million first-half profit overstatement.

The Financial Times reports commercial director Kevin Grace is the fifth executive to be suspended while accountancy firm Deloitte carries out an independent review of the accounting scandal alongside Tesco's external legal advisors, Freshfields.

Grace, who joined Tesco in 1982, has been a member of the executive committee since 2011 and has responsibility for Tesco's commercial practice across its markets and sourcing from more than 70 countries worldwide.

He has held a number of senior roles at Tesco, including chief operating officer in South Korea and UK property director.

Tesco has declined to comment on Grace's suspension.

The Wall Street Journal also reports today Tesco chairman Richard Broadbent may consider resigning after Deloitte has completed its internal investigation, citing sources close to the matter.

Tesco has declined to comment.

Four senior Tesco executives, including UK managing director Chris Bush, were suspended a fortnight ago after a whilstleblower uncovered issue relating to the timing on when Tesco's UK business reports income it receives from suppliers.

New chief executive Dave Lewis said at the time that the suspensions would allow the company to carry out a "full and frank" investigation and was not disciplinary or an indication of guilt.

Tesco stated the accounting issues, which it described as the “accelerated recognition of commercial income and delayed accrual of costs” its UK food business, meant first-half profits had been overstated by almost 23 per cent and profits were in fact down by around 46 per cent in the first half on the £1.58 billion reported a year earlier.

City regulator the Financial Conduct Authority (FCA) confirmed last week it has also launched a “full investigation” into Tesco's £250 million first-half profit overstatement.

Lewis launched a new initiative last week which will see more than 4,000 head office and corporate staff sent to work one day a fortnight on the shop floor in the run-up to Christmas in a move to reconnect Tesco's management with its customers.

The grocer also announced on Monday the appointment of Richard Cousins, chief executive of catering giant Compass, and Mikael Ohlsson, former boss of Ikea, as non-executive directors.